Novo Nordisk A/S (NYSE:NVO) Stock Price Down 4.2% – Here’s What Happened

Novo Nordisk A/S (NYSE:NVO) shares fell 4.2% on Friday . The stock traded as low as $100.81 and last traded at $100.93. 2,143,479 shares were traded during mid-day trading, a decline of 52% from the average session volume of 4,430,680 shares. The stock had previously closed at $105.32.

Analysts Set New Price Targets

NVO has been the subject of several analyst reports. Cantor Fitzgerald reissued an “overweight” rating and set a $160.00 price target on shares of Novo Nordisk A/S in a report on Wednesday, November 6th. StockNews.com raised shares of Novo Nordisk A/S from a “buy” rating to a “strong-buy” rating in a report on Friday, November 1st. Finally, BMO Capital Markets reduced their target price on Novo Nordisk A/S from $160.00 to $156.00 and set an “outperform” rating on the stock in a report on Thursday, October 17th. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Novo Nordisk A/S presently has a consensus rating of “Buy” and a consensus target price of $144.50.

Novo Nordisk A/S Stock Performance

The company has a market capitalization of $457.28 billion, a P/E ratio of 32.66, a P/E/G ratio of 1.31 and a beta of 0.42. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.75. The stock’s 50 day simple moving average is $119.17 and its two-hundred day simple moving average is $129.75.

Institutional Investors Weigh In On Novo Nordisk A/S

Institutional investors and hedge funds have recently modified their holdings of the business. 1620 Investment Advisors Inc. bought a new stake in shares of Novo Nordisk A/S during the second quarter worth approximately $25,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Novo Nordisk A/S during the second quarter worth approximately $25,000. Orion Capital Management LLC acquired a new position in Novo Nordisk A/S during the first quarter valued at approximately $26,000. Gilliland Jeter Wealth Management LLC grew its holdings in Novo Nordisk A/S by 200.0% during the second quarter. Gilliland Jeter Wealth Management LLC now owns 180 shares of the company’s stock valued at $26,000 after purchasing an additional 120 shares during the period. Finally, Daiwa Securities Group Inc. acquired a new position in Novo Nordisk A/S during the third quarter valued at approximately $28,000. 11.54% of the stock is owned by institutional investors.

About Novo Nordisk A/S

Novo Nordisk A/S, together with its subsidiaries, engages in the research and development, manufacture, and distribution of pharmaceutical products in Europe, the Middle East, Africa, Mainland China, Hong Kong, Taiwan, North America, and internationally. It operates in two segments, Diabetes and Obesity Care, and Rare Disease.